Financial
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Netflix Wrote Off $39 Million Due to Kevin Spacey Scandal
Lost in the euphoria of Netflix’s record fourth-quarter subscriber growth, was a $39 million impairment charge management characterized as “unreleased content we’ve decided not to move forward with.” It’s now been reported the charge related to fiscal fallout from sexual harassment allegations against Kevin Spacey, which included shutting down production on the sixth season of … Continue reading “Netflix Wrote Off $39 Million Due to Kevin Spacey Scandal”
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Netflix Adds Record 8.3 Million Q4 Subscribers
Netflix Jan. 22 reported it added a record 8.3 million net subscribers in the fourth-quarter (ended Dec. 31, 2017), to finish the year with more than 117 million subs, including 110 million subs paid. It was the highest quarterly subscriber gain in Netflix’s history. The SVOD pioneer reported its first fiscal-year profit ($161 million) internationally. … Continue reading “Netflix Adds Record 8.3 Million Q4 Subscribers”
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Cinedigm Expands Chinese Distribution
Cinedigm Jan. 19 announced an alliance with leading China-based Starrise Media Holdings Ltd. to release movies in China theatrically and digitally. The deal also paves the way for Cinedigm to distribute Chinese films in North America. Los Angeles-based Cinedigm is majority-owned by Hong Kong private equity group Bison Capital. Hanks He, executive director of Starrise … Continue reading “Cinedigm Expands Chinese Distribution”
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Amazon Raising Monthly Prime Membership Fee
Amazon is upping the Prime membership fee by 18% for consumers opting to pay on a monthly basis. The $99 annual Prime membership, which includes Prime Video, remains the same. Amazon said the $10.99 monthly Prime membership is increasing to $12.99, or $156 per year. The ecommerce behemoth is also upping the college student Prime … Continue reading “Amazon Raising Monthly Prime Membership Fee”
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Lionsgate Stock Jumps on Acquisition Scuttlebutt
Lionsgate’s stock took a mid-morning bounce Jan. 18 following media reports the studio/distributor is in the M&A crosshairs of media giants Amazon, Verizon, CBS and Viacom. Shares increased 5% the day after a Deadline.com report – citing sources familiar with the situation – said the Santa Monica, Calif.-based company was in active merger discussions. Lionsgate … Continue reading “Lionsgate Stock Jumps on Acquisition Scuttlebutt”
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GameStop Shares Fall Despite Strong Winter Holiday Sales
GameStop Jan. 12 saw shares fall more than 11% in midday trading after the nation’s largest video game retailer warned of a $300 million to $400 million impairment charge in the fourth quarter, ending March 31. The company related the charge to its technology brands business, which includes selling third-party cell phones. GameStop said consumers … Continue reading “GameStop Shares Fall Despite Strong Winter Holiday Sales”
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MoviePass Reaches 1.5 Million Subscribers
Theatrical ticket subscription service MoviePass Jan. 9 announced it has reached 1.5 million subscribers – less than 30 days after topping 1 million members. The New York-based $9.95 monthly service, which enables users free daily access to one screening, has been selling discounted annual passes through Costco. “MoviePass is attracting people back to the movie … Continue reading “MoviePass Reaches 1.5 Million Subscribers”
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F.Y.E. Holiday Sales Slump 12%
The For Your Entertainment (f.y.e.) retail chain Jan. 4 reported a 12% decrease in winter holiday sales to $72 million for the nine-week period through Dec. 31, 2017, compared to $81.8 million in the previous-year period. One of the last (primarily mall-based) entertainment retail chains in operation, f.y.e. saw segment revenue drop 21% when factoring … Continue reading “F.Y.E. Holiday Sales Slump 12%”
